Collective Investment Trust

Retirement Target 2025 CIT

Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of investments that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 63%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 13% - 47%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2025
  • Who have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Learn more about our Glide Range SM

Daily Price

$18.89

Daily $ Change

-$0.11

Daily % Change

-0.58%

as of 06/07/2023

CUSIP

302027644

Inception Date

08/03/2012

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Applications & Forms
Fact Sheet
Annual Report

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Performance

As of 05/31/2023

YTD

5.47%

1 Year

-0.21%

3 Year

3.13%

5 Year

5.16%

10 Year

5.25%

Inception
(08/03/2012)

6.35%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Performance through the inception date of the Retirement Target CIT Class I Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class I expenses.

Expense Ratio

Gross 0.71%
Net 0.69%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 05/31/2023

TREASURY NOTES 22.58%
GOVERNMENT AGENCY 9.72%
TREASURY BILLS 4.58%
TREASURY BONDS 4.41%
AMAZON.COM INC 1.74%
META PLATFORMS INC 1.47%
MASTERCARD INC-CLASS A 1.45%
ALPHABET INC-CL A 1.39%
MICRON TECHNOLOGY INC 1.37%
JOHNSON & JOHNSON 1.27%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2023

Bonds
59.63%
Stocks
37.91%
Cash
2.46%

Detailed Asset Class Allocation

As of 05/31/2023

International Equities
10.10%
Small Capitalization
0.36%
Mid Capitalization
3.88%
Large Capitalization
23.56%
Long Term Fixed Income
12.88%
Intermediate Term Fixed Income
40.97%
Short Term Fixed Income
5.79%
Cash
2.46%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 86.71 $8,090.82
ABBOTT LABORATORIES US ABT 163.1 $16,636.58
ADMIRAL GROUP PLC GB AMIGY 7,416.06 $214,398.43
ADMIRAL GROUP PLC GB ADM LN 2,010.41 $58,235.13
ADYEN NV NL ADYEN NA 10.86 $17,794.41
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 50,443.58 $43,732.41
AGREE REALTY CORP US ADC 538.84 $34,749.76
AIR LIQUIDE FR AI FP 288.75 $48,381.03
AIR LIQUIDE-ADR FR AIQUY 9,949.66 $333,512.70
AIRBUS SE FR AIR FP 226.46 $29,740.24
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 13,122.28 $13,301.62
ALCON INC CH ALC 3,363.51 $260,301.65
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 86,154.44 $70,767.56
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 312,638.07 $264,808.31
ALPHABET INC-CL A US GOOGL 5,657.96 $695,193.65
AMAZON.COM INC US AMZN 7,216.03 $870,109.31
AMAZON.COM INC 3.30000 04/13/2027 US 288,001.8 $277,744.18
AMERICAN HOMES 4 RENT- A US AMH 403.43 $13,829.55
AMERICAN TANKER INC 7.75000 07/02/2025 US 56,365.88 $54,168.21
AMERICAN TOWER REIT INC US AMT 135.19 $24,933.70
AMERICOLD REALTY TRUST US COLD 1,169.52 $34,266.92
ANALOG DEVICES INC US ADI 79.28 $14,087.74
APARTMENT INCOME REIT CO US AIRC 389.34 $13,506.13
APPLIED MATERIALS INC US AMAT 1,776.82 $236,850.53
ARCHER-DANIELS-MIDLAND CO US ADM 96.85 $6,842.53
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 141,026.68 $130,672.59
ASTRAZENECA GB AZN 523.78 $38,278.09
ATLASSIAN CORP PLC-CLASS A AU TEAM 99.77 $18,038.15
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 2,768.98 $14,799.70
AUTO TRADER GROUP PLC GB AUTO LN 6,822.81 $53,545.54
AVALONBAY COMMUNITIES INC US AVB 124.39 $21,640.89
AVANZA BANK HOLDING AB SE AZA SS 982.83 $20,408.26
BABS 2021-RM2 A 1.75000 10/25/2061 US 20,933.95 $18,306.19
BAE SYSTEMS PLC GB BA/ LN 4,393.72 $50,780.61
BAE SYSTEMS PLC -SPON ADR GB BAESY 4,037.76 $189,734.49
BANK OF AMERICA CORP US BAC 611.74 $17,000.31
BANK OF AMERICA CORP 2.68700 04/22/2032 US 239,946.66 $198,200.97
BARRICK GOLD CORP CA GOLD 8,743.91 $147,597.24
BAXTER INTERNATIONAL INC US BAX 94.14 $3,833.20
BEIERSDORF AG DE BEI GR 299.22 $38,183.29
BIOMARIN PHARMACEUTICAL INC US BMRN 3,265.67 $283,917.56
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 132,156.56 $127,002.02
BRANDYWINE REALTY TRUST US BDN 1,268.29 $4,946.33
BRISTOL MYERS SQUIBB CO US BMY 247.89 $15,973.87
BROADCOM INC US AVGO 30.63 $24,750.56
BROADRIDGE FINANCIAL SOLUTIONS US BR 28.85 $4,232.22
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 24,094.32 $20,700.83
BUNGE LIMITED US BG 37.54 $3,478.13
C.H. ROBINSON WORLDWIDE INC US CHRW 37.51 $3,546.17
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 200,169.74 $187,204.67
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 48,607.85 $49,242.18
CAMPBELL SOUP CO US CPB 80.93 $4,091.16
CANADIAN NATIONAL RAILWAY CO CA CNI 1,978.32 $223,015.88
CARETRUST REIT INC US CTRE 1,067.91 $20,717.48
CATERPILLAR INC US CAT 76.94 $15,831.38
CBOE GLOBAL MARKETS INC US CBOE 1,494.41 $197,889.36
CELLNEX TELECOM SA ES CLNX SM 1,029.91 $41,737.74
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,282.8 $25,938.23
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 145,476.2 $152,291.61
CHEVRON CORP US CVX 151.59 $22,831.95
CIM 2019-INV1 A1 4.00000 02/25/2049 US 3,927.07 $3,807.43
CISCO SYSTEMS INC US CSCO 451.11 $22,406.82
CITIGROUP INC US C 275.26 $12,199.31
CITIGROUP INC 1.46200 06/09/2027 US 229,990.83 $205,023.47
CLARK CNTY NV 1.51000 11/01/2028 US 209,408.34 $179,443.80
CLEANAWAY WASTE MANAGEMENT AU CWY AU 16,936.83 $28,618.34
COCA COLA CO/THE US KO 5,416.84 $323,168.92
COGNIZANT TECH SOLUTIONS - A US CTSH 75.71 $4,730.93
COLGATE-PALMOLIVE CO US CL 133.26 $9,911.92
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 108,810.22 $94,954.20
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 168,222.57 $157,968.39
COMCAST CORP-CL A US CMCSA 476.56 $18,752.48
COMMUNITY HEALTHCARE TRUST I US CHCT 512.21 $16,800.49
CONAGRA BRAND INC. US CAG 119.27 $4,158.87
CONOCOPHILLIPS US COP 130.82 $12,990.43
COPART INC US CPRT 2,915.28 $255,349.27
CORNING INC US GLW 129.17 $3,979.72
COTERRA ENERGY INC US CTRA 156.26 $3,633.10
COUSINS PROPERTIES INC US CUZ 892.92 $17,787.02
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 27,663.31 $23,758.45
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 15,663.67 $13,271.89
CSX CORP US CSX 7,021.62 $215,353.14
CUMMINS INC US CMI 32.28 $6,599.11
CVS HEALTH CORP US CVS 126.69 $8,619.01
DANONE FR BN FP 280.14 $16,581.27
DEUTSCHE BOERSE AG DE DB1 GR 255.52 $44,195.90
DEUTSCHE BOERSE AG ADR DE DBOEY 10,902.21 $188,063.08
DEVON ENERGY CORPORATION US DVN 107.3 $4,946.67
DIAGEO PLC GB DGE LN 798.83 $33,209.21
DIAMONDBACK ENERGY INC US FANG 33.11 $4,209.79
DIGITAL REALTY TRUST INC US DLR 108.47 $11,113.74
DOW INC US DOW 111.6 $5,443.91
DREYFUS GVT CSH MANAGEMENT US 1,258,574.73 $1,258,574.73
EBAY INC US EBAY 103.07 $4,384.80
ELECTRONIC ARTS US EA 4,100.98 $524,924.81
EMERSON ELEC CO US EMR 103.76 $8,060.25
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 303,537.58 $302,763.05
EOG RESOURCES INC US EOG 76.67 $8,225.89
EQUINIX INC US EQIX 172.04 $128,266.58
EQUITY COMMONWEALTH US EQC 886.55 $18,129.94
EQUITY LIFESTYLE PROPERTIES US ELS 557.56 $35,221.24
ESSEX PROPERTY TRUST INC US ESS 49.51 $10,696.98
EVERGY INC US EVRG 3,807.12 $220,242.05
EXTRA SPACE STORAGE INC US EXR 53.91 $7,777.62
EXXON MOBIL CORP US XOM 243.07 $24,837.30
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 12,829.37 $13,561.93
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 6,402.15 $6,767.71
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 3,526.32 $3,727.09
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 112.05 $111.25
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 17,927.32 $17,776.86
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 9,840.12 $9,753.72
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 55,400.57 $54,914.18
FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 137,421.26 $143,413.72
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 14,363.82 $13,357.32
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 39,443.02 $37,817.13
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 30,804.13 $28,522.03
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 393,690.38 $371,661.02
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 239,811.33 $222,945.17
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 15,045.81 $14,244.76
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 257,939.9 $246,674.26
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 19,539.78 $19,418.61
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 23,892.98 $23,744.83
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 268,280.25 $246,105.20
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 262,422.87 $247,738.73
FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 US 308,788.52 $308,010.25
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 253,122.43 $226,093.15
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 392,925.84 $386,717.87
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 269,418.71 $237,759.53
FEDEX CORPORATION US FDX 29.53 $6,437.64
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 50,220.82 $49,491.92
FHLM POOL C91780 4.50000 07/01/2034 US 11,240.13 $11,198.41
FHLM POOL G03332 6.00000 10/01/2037 US 2,005.76 $2,122.83
FHLM POOL G05900 6.00000 03/01/2040 US 4,285.12 $4,534.72
FHLM POOL G05906 6.00000 04/01/2040 US 5,262.65 $5,569.19
FHLM POOL G06995 6.00000 05/01/2040 US 12,607.85 $13,342.25
FHLM POOL G13331 5.50000 10/01/2023 US 5.03 $5.01
FHLM POOL G60034 4.50000 02/01/2045 US 98,738.33 $97,954.05
FHLM POOL K91364 4.50000 11/01/2033 US 1,428.49 $1,425.03
FHLM POOL K92059 4.50000 09/01/2034 US 7,599.92 $7,569.87
FHLM POOL SD8230 4.50000 06/01/2052 US 212,801.35 $205,724.95
FHR 5189 CP 2.50000 06/25/2049 US 159,652.55 $138,296.25
FIFTH THIRD BANCORP US FITB 152.69 $3,705.70
FINECOBANK SPA IT FBK IM 2,258.8 $30,173.46
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 984.33 $14,824.05
FLX 2021-1A A2 3.25000 11/27/2051 US 216,665.91 $191,966.00
FMC CORP US FMC 3,805.48 $396,074.58
FN DS2696 3.00000 12/01/2051 US 299,423.47 $267,426.17
FN MA4733 4.50000 09/01/2052 US 289,092.2 $279,479.62
FN MA4807 MTGE 5.50000 11/01/2052 US 209,244.26 $209,013.30
FN MA4868 MTGE 5.00000 01/01/2053 US 377,131.25 $371,173.47
FN MA4934 MTGE 5.00000 02/01/2043 US 408,561.4 $404,744.71
FNR 2018-31 KP 3.50000 07/25/2047 US 3,029.97 $2,929.07
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 161,115.91 $152,933.36
FR SD1129 4.00000 08/01/2051 US 49,541.71 $47,331.97
FREMF 2015-K43 B FLT 3.73197 02/25/2048 US 73,236.93 $70,396.36
GENERAL DYNAMICS CORP US GD 45.35 $9,259.29
GENERAL MLS INC US GIS 110.19 $9,273.69
GENUINE PARTS CO US GPC 35.03 $5,217.65
GETTY REALTY CORP US GTY 747.29 $25,609.49
GILEAD SCIENCES INC US GILD 182.91 $14,072.90
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 27,487.93 $25,187.61
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 30,226.1 $28,265.51
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 103,746.68 $87,379.38
GREENIDGE GEN HLD INC US 1,127.32 $5,354.76
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 121,761.86 $104,826.15
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 78,785.67 $67,942.38
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 99,008.02 $85,340.88
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 124,028.74 $106,649.33
HALLIBURTON CO US HAL 137.28 $3,933.18
HARTFORD FINL SVCS US HIG 50.95 $3,491.26
HAWAII ST 2.68200 10/01/2038 US 123,589.32 $93,824.21
HDFC BANK LTD-ADR IN HDB 563.13 $36,265.80
HEALTHCARE REALTY TRUST INC US HR 1,701.45 $31,664.05
HEINEKEN NV NL HEIA NA 424.87 $42,987.84
HEINEKEN NV-SPN ADR NL HEINY 5,905.78 $298,477.97
HELIOS TOWERS PLC GB HTWS LN 9,565.45 $10,774.46
HOME DEPOT INC US HD 99.77 $28,280.95
HONEYWELL INTERNATIONAL INC US HON 89.46 $17,140.46
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 287,423.21 $285,842.85
HUNTINGTON BANCSHARES US HBAN 257.38 $2,653.55
HWIRE 2021-1 A2 2.31100 11/20/2051 US 37,664.71 $33,443.95
IDEXX LABORATORIES INC US IDXX 635.66 $295,437.42
IMCD NV NL IMCD NA 96.37 $14,526.71
IMPRL 2021-NQM3 1.59500 11/25/2056 US 113,606.9 $95,335.86
INTERCONTINENTALEXCHANGE INC US ICE 1,907.24 $202,072.48
INTERMEDIATE CAPITAL GROUP GB ICP LN 984.16 $17,081.99
INTERNATIONAL BUSINESS MACH CORP US IBM 85.75 $11,026.13
INTERNATIONAL FLVRS & FRAGRANCES US IFF 49.06 $3,791.99
INTUIT INC US INTU 474.41 $198,835.39
INTUITIVE SURGICAL INC US ISRG 712.92 $219,466.17
INVITATION HOMES INC US INVH 976.43 $33,081.44
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 33,006.21 $31,568.40
JM SMUCKER CO/THE-NEW COM WI US SJM 28.71 $4,208.31
JOHNSON & JOHNSON US JNJ 4,105.49 $636,596.53
JP MORGAN CHASE & CO US JPM 232.62 $31,569.14
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 23,812.1 $22,506.82
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 343,610.99 $331,686.61
KELLOGG CO US K 54.84 $3,661.53
KEYENCE CORP JP 6861 JP 55.01 $26,667.80
KEYWORDS STUDIOS PLC IE KWS LN 417.86 $10,109.99
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 21,392.71 $43,719.06
KRAFT HEINZ CO/THE US KHC 153.75 $5,876.40
L'OREAL FR OR FP 19.95 $8,539.46
L3HARRIS TECHNOLOGIES INC US LHX 1,475.69 $259,603.76
LEXINGTON REALTY TRUST US LXP 2,219.99 $22,954.70
LIFE STORAGE INC US LSI 225.68 $28,748.87
LINDE PLC IE LIN 67.08 $23,722.72
LOCKHEED MARTIN CORP US LMT 34.62 $15,372.36
LULULEMON - ADR CA LULU 87.64 $29,089.97
MARATHON OIL CORP US MRO 116.24 $2,575.93
MARATHON PETROLEUM CORP US MPC 71.75 $7,527.67
MASCO CORP US MAS 8,403.07 $406,036.27
MASTERCARD INC-CLASS A US MA 1,989.71 $726,285.04
MEDTRONIC INC IE MDT 5,685.85 $470,561.29
MEITUAN DIANPING - CLASS B CN 3690 HK 1.74 $24.48
MERCADOLIBRE INC BR MELI 22.14 $27,433.52
MERCK & CO INC US MRK 260.26 $28,735.83
META PLATFORMS INC US META 2,783.68 $736,894.55
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 154,963.24 $8,231.61
MICROCHIP TECHNOLOGY INC US MCHP 88.22 $6,639.58
MICRON TECHNOLOGY INC US MU 10,026.63 $683,815.85
MICROSOFT CORP US MSFT 1,386.48 $455,304.65
MID-AMERICA APARTMENT COMM US MAA 189.61 $27,884.24
MONARCH CASINO & RESORT INC US MCRI 171.22 $11,110.45
MONDELEZ INTERNATIONAL INC US MDLZ 5,724.97 $420,270.39
MOODY'S CORPORATION US MCO 1,170.89 $371,033.04
NAVIENT CORP 6.75000 06/25/2025 US 52,927.73 $51,500.82
NESTLE S.A. - ADR CH NSRGY 2,524.39 $299,720.95
NESTLE SA-REGISTERED CH NESN SW 414.16 $49,092.55
NETAPP INC US NTAP 57.83 $3,836.93
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 153,443.47 $138,041.22
NEWMONT GOLDCORP CORP US NEM 1,918.59 $77,798.77
NIKE INC CLASS B US NKE 1,659.52 $174,680.76
NORFOLK SOUTHN CORP US NSC 34.21 $7,121.64
NORTHROP GRUMMAN CORP US NOC 668.84 $291,273.56
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 51,911.09 $5.19
NOVARTIS AG- REG CH NVS 2,546.63 $245,113.44
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 30,473.69 $27,867.44
NRZT 2015-2A A1 3.75000 08/25/2055 US 39,339 $36,740.59
NRZT 2016-4A A1 3.75000 11/25/2056 US 77,607.72 $71,397.22
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 104,674.65 $94,399.01
OASIS 2023-1A 7.00000 02/15/2035 US 128,191.19 $127,188.53
OBX 2022-INV1 A1 3.00000 12/25/2051 US 128,075.78 $107,620.74
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 51,522.88 $51,780.49
OMNICOM GROUP US OMC 52.78 $4,654.23
OXFIN 2020-1A A2 3.10100 02/15/2028 US 90,085.04 $89,231.03
OXFIN 2022-1A 3.60200 02/15/2030 US 203,377.26 $186,835.65
OXFIN 2023-1A A2 6.71600 02/15/2031 US 258,812.08 $256,794.61
PACKAGING CORP OF AMERICA US PKG 24.62 $3,053.26
PARAMOUNT GLOBAL CLASS B US PARA 144.71 $2,201.04
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 173,881 $164,157.30
PEAR 2022-1 A1 6.50000 10/15/2034 US 39,556.09 $39,493.22
PELORUS FUND REIT 7.00000 09/30/2026 US 17,328.85 $16,234.49
PEPSICO INC 3.90000 07/18/2032 US 262,260.09 $253,290.51
PFIZER INC US PFE 490 $18,629.75
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 190,450.31 $153,666.97
PFMT 2021-2 A2A 2.00000 04/25/2051 US 115,649.62 $98,349.67
PHILLIPS 66 US PSX 56.87 $5,209.49
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 28,020.66 $25,346.58
POPULAR INC 6.12500 09/14/2023 PR 51,358.37 $51,101.58
PPG INDUSTRIES INC US PPG 39.85 $5,231.60
PROLOGIS US PLD 1,189.22 $148,117.00
PUBLIC STORAGE INC US PSA 178.89 $50,678.49
QUALCOMM INC US QCOM 145.36 $16,485.60
QUALCOMM INC 4.25000 05/20/2032 US 225,832.53 $219,681.76
QUEST DIAGNOSTICS INC US DGX 30.81 $4,086.39
RAYTHEON TECHNOLOGIES CORP US RTX 131.1 $12,079.10
RCKT 2021-6 A1 2.50000 12/25/2051 US 241,034.84 $194,491.61
REALTY INCOME CORP US O 478.74 $28,456.47
REGIONS FINANCIAL CORP. US RF 230.73 $3,984.73
RENAISSANCERE HOLDINGS LTD BM RNR 146.29 $27,556.78
RENTOKIL INITIAL PLC GB RTO LN 4,428.31 $35,225.36
RENTOKIL INITIAL PLC-SP ADR GB RTO 5,235.67 $208,013.07
RESTAURANT BRANDS INTERN CA QSR 339.21 $24,731.70
REXFORD INDUSTRIAL REALITY IN US REXR 605.42 $32,959.06
S&P GLOBAL INC US SPGI 385.6 $141,679.87
SALESFORCE INC US CRM 1,172.34 $261,877.44
SBA COMMUNICATIONS CORP US SBAC 187.75 $41,639.15
SBA TOWER TRUST 1.88400 01/15/2026 US 177,586.49 $160,383.20
SBA TOWER TRUST 6.59900 01/15/2028 US 223,338.24 $231,116.48
SCHLUMBERGER LTD NL SLB 162.28 $6,950.39
SCML 2019-SBC8 2.86000 04/25/2041 US 105,810.37 $97,540.82
SEMT 2013-2 1.87400 02/25/2043 US 15,235.23 $13,272.49
SEMT 2013-6 A2 3.00000 05/25/2043 US 40,821.83 $35,154.95
SEMT 2013-7 A2 3.00000 06/25/2043 US 16,563.8 $14,644.21
SEMT 2013-8 A1 3.00000 06/25/2043 US 19,757.66 $17,545.36
SERVICENOW INC US NOW 831.43 $452,944.87
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 459,981.67 $373,751.40
SKYWORKS SOLUTIONS INC US SWKS 34.21 $3,540.98
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 27,627.06 $24,311.82
SMB 2020-BA A1A 1.29000 07/15/2053 US 115,046.17 $100,523.38
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 25,187.75 $24,355.66
SONY CORP FIRST SECTION JP 6758 JP 464.1 $43,523.53
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 118,164.13 $106,718.11
SORT 2020-1 A2 1.99000 07/15/2060 US 98,438.47 $82,753.09
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 146,523.99 $127,013.54
SRPT 2014-STAR A FLTG RATE 6.57800 11/15/2027 US 201,039.16 $146,755.78
STAG INDUSTRIAL INC US STAG 440.1 $15,315.48
SUN COMMUNITIES US SUI 361.65 $45,796.28
SYNCHRONOSS TECH US 1,370.59 $25,355.89
SYSCO CORP US SYY 69.11 $4,833.95
TAH 2017-SFR2 A 2.92800 01/17/2036 US 21,661.95 $21,196.14
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,125.27 $406,710.42
TE CONNECTIVITY LIMITED CH TEL 51.95 $6,362.82
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,337.94 $21,651.25
TENCENT HOLDINGS 3.97500 04/11/2029 KY 565,777.94 $533,152.40
TENCENT HOLDINGS LTD CN 700 HK 945.44 $37,415.21
TERRENO REALTY CORP US TRNO 505.03 $30,973.60
TEXAS INSTRUMENTS INC US TXN 92.31 $16,051.34
THERMO FISHER SCIENTIFIC INC US TMO 365.93 $186,062.49
TOKYO ELECTRON LTD JP 8035 JP 165.03 $22,445.14
TPMT 2016-5 A1 2.50000 10/25/2056 US 20,913.39 $20,543.47
TPMT 2017-1 A1 2.75000 10/25/2056 US 10,469.1 $10,294.33
TPMT 2019-HY1 A1 6.13800 10/25/2048 US 34,327.39 $34,021.65
TRAVELLERS COS INC US TRV 44.52 $7,535.16
TREASURY BILL 0.00000 05/16/2024 US 2,406,604.19 $2,291,319.93
TREASURY BOND 2.37500 02/15/2042 US 2,057,535.12 $1,607,127.83
TREASURY NOTE 2.25000 11/15/2027 US 2,002,990.55 $1,873,578.59
TRUIST FINANCIAL CORP US TFC 170.81 $5,204.43
TYSON FOODS INC -CL A US TSN 71.03 $3,597.02
U.S. BANCORP US USB 229.91 $6,874.20
UDR INC US UDR 839.99 $33,322.49
UNILEVER PLC - ADR GB UL 10,302.96 $514,529.75
UNION PAC CORP US UNP 1,122.36 $216,077.23
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 7,440.08 $7,002.59
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 43,985.03 $39,672.44
UNITED PARCEL SERVICE US UPS 86.71 $14,480.42
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 34,381.47 $32,909.02
US TEASURY NOTE 1.75000 11/15/2029 US 2,446,558.46 $2,180,686.37
US TREASURY N/B 0.87500 11/15/2030 US 2,341,133.57 $1,925,582.36
US TREASURY N/B 1.37500 11/15/2031 US 354,501.64 $296,341.21
US TREASURY N/B 2.00000 11/15/2026 US 1,687,071.61 $1,580,443.42
US TREASURY N/B 3.00000 05/15/2047 US 124,607.41 $105,118.04
US TREASURY N/B 3.12500 11/15/2028 US 3,542,277.57 $3,427,430.31
US TREASURY N/B 3.62500 02/15/2053 US 511,616.26 $489,952.51
USRE 2021-1 A1 1.91000 10/20/2061 US 42,721.55 $36,869.12
VALERO ENERGY US VLO 45.35 $4,854.12
VENTAS INC US VTR 373.47 $16,111.48
VERTEX PHARMACEUTICALS INC US VRTX 847.43 $274,202.28
VISA INC - CLASS A SHARES US V 2,304.11 $509,276.88
VISTRA OPERATIONS 4.87500 05/13/2024 US 225,874.92 $222,639.27
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 64,364.14 $62,258.60
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 354,593.33 $324,004.34
WELLS FARGO COMPANY US WFC 326.38 $12,993.18
WELLTOWER INC. US WELL 367.4 $27,411.67
WIN 2015-1 A1 3.50000 01/20/2045 US 10,350.97 $9,438.16

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

Daily Price

$18.89

Daily $ Change

-$0.11

Daily % Change

-$0.58

as of 06/07/2023

CUSIP

302027644

Inception Date

08/03/2012

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Applications & Forms
Fact Sheet
Annual Report

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of investments that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 63%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 13% - 47%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2025
  • Who have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Learn more about our Glide Range SM

Performance

As of 05/31/2023

YTD

5.47%

1 Year

-0.21%

3 Year

3.13%

5 Year

5.16%

10 Year

5.25%

Inception
(08/03/2012)

6.35%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Performance through the inception date of the Retirement Target CIT Class I Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class I expenses.

Expense Ratio

Gross 0.71%
Net 0.69%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 05/31/2023

TREASURY NOTES 22.58%
GOVERNMENT AGENCY 9.72%
TREASURY BILLS 4.58%
TREASURY BONDS 4.41%
AMAZON.COM INC 1.74%
META PLATFORMS INC 1.47%
MASTERCARD INC-CLASS A 1.45%
ALPHABET INC-CL A 1.39%
MICRON TECHNOLOGY INC 1.37%
JOHNSON & JOHNSON 1.27%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 05/31/2023

Bonds
59.63%
Stocks
37.91%
Cash
2.46%

Detailed Asset Class Allocation

As of 05/31/2023

International Equities
10.10%
Small Capitalization
0.36%
Mid Capitalization
3.88%
Large Capitalization
23.56%
Long Term Fixed Income
12.88%
Intermediate Term Fixed Income
40.97%
Short Term Fixed Income
5.79%
Cash
2.46%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

Security Description Country Ticker Shares/Par Market Value (USD)
3M CO US MMM 86.71 $8,090.82
ABBOTT LABORATORIES US ABT 163.1 $16,636.58
ADMIRAL GROUP PLC GB AMIGY 7,416.06 $214,398.43
ADMIRAL GROUP PLC GB ADM LN 2,010.41 $58,235.13
ADYEN NV NL ADYEN NA 10.86 $17,794.41
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 50,443.58 $43,732.41
AGREE REALTY CORP US ADC 538.84 $34,749.76
AIR LIQUIDE FR AI FP 288.75 $48,381.03
AIR LIQUIDE-ADR FR AIQUY 9,949.66 $333,512.70
AIRBUS SE FR AIR FP 226.46 $29,740.24
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 13,122.28 $13,301.62
ALCON INC CH ALC 3,363.51 $260,301.65
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 86,154.44 $70,767.56
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 312,638.07 $264,808.31
ALPHABET INC-CL A US GOOGL 5,657.96 $695,193.65
AMAZON.COM INC US AMZN 7,216.03 $870,109.31
AMAZON.COM INC 3.30000 04/13/2027 US 288,001.8 $277,744.18
AMERICAN HOMES 4 RENT- A US AMH 403.43 $13,829.55
AMERICAN TANKER INC 7.75000 07/02/2025 US 56,365.88 $54,168.21
AMERICAN TOWER REIT INC US AMT 135.19 $24,933.70
AMERICOLD REALTY TRUST US COLD 1,169.52 $34,266.92
ANALOG DEVICES INC US ADI 79.28 $14,087.74
APARTMENT INCOME REIT CO US AIRC 389.34 $13,506.13
APPLIED MATERIALS INC US AMAT 1,776.82 $236,850.53
ARCHER-DANIELS-MIDLAND CO US ADM 96.85 $6,842.53
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 141,026.68 $130,672.59
ASTRAZENECA GB AZN 523.78 $38,278.09
ATLASSIAN CORP PLC-CLASS A AU TEAM 99.77 $18,038.15
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 2,768.98 $14,799.70
AUTO TRADER GROUP PLC GB AUTO LN 6,822.81 $53,545.54
AVALONBAY COMMUNITIES INC US AVB 124.39 $21,640.89
AVANZA BANK HOLDING AB SE AZA SS 982.83 $20,408.26
BABS 2021-RM2 A 1.75000 10/25/2061 US 20,933.95 $18,306.19
BAE SYSTEMS PLC GB BA/ LN 4,393.72 $50,780.61
BAE SYSTEMS PLC -SPON ADR GB BAESY 4,037.76 $189,734.49
BANK OF AMERICA CORP US BAC 611.74 $17,000.31
BANK OF AMERICA CORP 2.68700 04/22/2032 US 239,946.66 $198,200.97
BARRICK GOLD CORP CA GOLD 8,743.91 $147,597.24
BAXTER INTERNATIONAL INC US BAX 94.14 $3,833.20
BEIERSDORF AG DE BEI GR 299.22 $38,183.29
BIOMARIN PHARMACEUTICAL INC US BMRN 3,265.67 $283,917.56
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 132,156.56 $127,002.02
BRANDYWINE REALTY TRUST US BDN 1,268.29 $4,946.33
BRISTOL MYERS SQUIBB CO US BMY 247.89 $15,973.87
BROADCOM INC US AVGO 30.63 $24,750.56
BROADRIDGE FINANCIAL SOLUTIONS US BR 28.85 $4,232.22
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 24,094.32 $20,700.83
BUNGE LIMITED US BG 37.54 $3,478.13
C.H. ROBINSON WORLDWIDE INC US CHRW 37.51 $3,546.17
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 200,169.74 $187,204.67
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 48,607.85 $49,242.18
CAMPBELL SOUP CO US CPB 80.93 $4,091.16
CANADIAN NATIONAL RAILWAY CO CA CNI 1,978.32 $223,015.88
CARETRUST REIT INC US CTRE 1,067.91 $20,717.48
CATERPILLAR INC US CAT 76.94 $15,831.38
CBOE GLOBAL MARKETS INC US CBOE 1,494.41 $197,889.36
CELLNEX TELECOM SA ES CLNX SM 1,029.91 $41,737.74
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,282.8 $25,938.23
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 145,476.2 $152,291.61
CHEVRON CORP US CVX 151.59 $22,831.95
CIM 2019-INV1 A1 4.00000 02/25/2049 US 3,927.07 $3,807.43
CISCO SYSTEMS INC US CSCO 451.11 $22,406.82
CITIGROUP INC US C 275.26 $12,199.31
CITIGROUP INC 1.46200 06/09/2027 US 229,990.83 $205,023.47
CLARK CNTY NV 1.51000 11/01/2028 US 209,408.34 $179,443.80
CLEANAWAY WASTE MANAGEMENT AU CWY AU 16,936.83 $28,618.34
COCA COLA CO/THE US KO 5,416.84 $323,168.92
COGNIZANT TECH SOLUTIONS - A US CTSH 75.71 $4,730.93
COLGATE-PALMOLIVE CO US CL 133.26 $9,911.92
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 108,810.22 $94,954.20
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 168,222.57 $157,968.39
COMCAST CORP-CL A US CMCSA 476.56 $18,752.48
COMMUNITY HEALTHCARE TRUST I US CHCT 512.21 $16,800.49
CONAGRA BRAND INC. US CAG 119.27 $4,158.87
CONOCOPHILLIPS US COP 130.82 $12,990.43
COPART INC US CPRT 2,915.28 $255,349.27
CORNING INC US GLW 129.17 $3,979.72
COTERRA ENERGY INC US CTRA 156.26 $3,633.10
COUSINS PROPERTIES INC US CUZ 892.92 $17,787.02
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 27,663.31 $23,758.45
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 15,663.67 $13,271.89
CSX CORP US CSX 7,021.62 $215,353.14
CUMMINS INC US CMI 32.28 $6,599.11
CVS HEALTH CORP US CVS 126.69 $8,619.01
DANONE FR BN FP 280.14 $16,581.27
DEUTSCHE BOERSE AG DE DB1 GR 255.52 $44,195.90
DEUTSCHE BOERSE AG ADR DE DBOEY 10,902.21 $188,063.08
DEVON ENERGY CORPORATION US DVN 107.3 $4,946.67
DIAGEO PLC GB DGE LN 798.83 $33,209.21
DIAMONDBACK ENERGY INC US FANG 33.11 $4,209.79
DIGITAL REALTY TRUST INC US DLR 108.47 $11,113.74
DOW INC US DOW 111.6 $5,443.91
DREYFUS GVT CSH MANAGEMENT US 1,258,574.73 $1,258,574.73
EBAY INC US EBAY 103.07 $4,384.80
ELECTRONIC ARTS US EA 4,100.98 $524,924.81
EMERSON ELEC CO US EMR 103.76 $8,060.25
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 303,537.58 $302,763.05
EOG RESOURCES INC US EOG 76.67 $8,225.89
EQUINIX INC US EQIX 172.04 $128,266.58
EQUITY COMMONWEALTH US EQC 886.55 $18,129.94
EQUITY LIFESTYLE PROPERTIES US ELS 557.56 $35,221.24
ESSEX PROPERTY TRUST INC US ESS 49.51 $10,696.98
EVERGY INC US EVRG 3,807.12 $220,242.05
EXTRA SPACE STORAGE INC US EXR 53.91 $7,777.62
EXXON MOBIL CORP US XOM 243.07 $24,837.30
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 12,829.37 $13,561.93
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 6,402.15 $6,767.71
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 3,526.32 $3,727.09
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 112.05 $111.25
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 17,927.32 $17,776.86
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 9,840.12 $9,753.72
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 55,400.57 $54,914.18
FEDERAL NATL MTG ASSN AL8674 FLT 5.64500 01/01/2049 US 137,421.26 $143,413.72
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 14,363.82 $13,357.32
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 39,443.02 $37,817.13
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 30,804.13 $28,522.03
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 393,690.38 $371,661.02
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 239,811.33 $222,945.17
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 15,045.81 $14,244.76
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 257,939.9 $246,674.26
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 19,539.78 $19,418.61
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 23,892.98 $23,744.83
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 268,280.25 $246,105.20
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 262,422.87 $247,738.73
FEDERAL NATL MTG ASSN MA5043 5.00000 06/01/2038 US 308,788.52 $308,010.25
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 253,122.43 $226,093.15
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 392,925.84 $386,717.87
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 269,418.71 $237,759.53
FEDEX CORPORATION US FDX 29.53 $6,437.64
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 50,220.82 $49,491.92
FHLM POOL C91780 4.50000 07/01/2034 US 11,240.13 $11,198.41
FHLM POOL G03332 6.00000 10/01/2037 US 2,005.76 $2,122.83
FHLM POOL G05900 6.00000 03/01/2040 US 4,285.12 $4,534.72
FHLM POOL G05906 6.00000 04/01/2040 US 5,262.65 $5,569.19
FHLM POOL G06995 6.00000 05/01/2040 US 12,607.85 $13,342.25
FHLM POOL G13331 5.50000 10/01/2023 US 5.03 $5.01
FHLM POOL G60034 4.50000 02/01/2045 US 98,738.33 $97,954.05
FHLM POOL K91364 4.50000 11/01/2033 US 1,428.49 $1,425.03
FHLM POOL K92059 4.50000 09/01/2034 US 7,599.92 $7,569.87
FHLM POOL SD8230 4.50000 06/01/2052 US 212,801.35 $205,724.95
FHR 5189 CP 2.50000 06/25/2049 US 159,652.55 $138,296.25
FIFTH THIRD BANCORP US FITB 152.69 $3,705.70
FINECOBANK SPA IT FBK IM 2,258.8 $30,173.46
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 984.33 $14,824.05
FLX 2021-1A A2 3.25000 11/27/2051 US 216,665.91 $191,966.00
FMC CORP US FMC 3,805.48 $396,074.58
FN DS2696 3.00000 12/01/2051 US 299,423.47 $267,426.17
FN MA4733 4.50000 09/01/2052 US 289,092.2 $279,479.62
FN MA4807 MTGE 5.50000 11/01/2052 US 209,244.26 $209,013.30
FN MA4868 MTGE 5.00000 01/01/2053 US 377,131.25 $371,173.47
FN MA4934 MTGE 5.00000 02/01/2043 US 408,561.4 $404,744.71
FNR 2018-31 KP 3.50000 07/25/2047 US 3,029.97 $2,929.07
FONTAINEBLEAU MIAMI BEACH TRUST 3.14400 12/10/2036 US 161,115.91 $152,933.36
FR SD1129 4.00000 08/01/2051 US 49,541.71 $47,331.97
FREMF 2015-K43 B FLT 3.73197 02/25/2048 US 73,236.93 $70,396.36
GENERAL DYNAMICS CORP US GD 45.35 $9,259.29
GENERAL MLS INC US GIS 110.19 $9,273.69
GENUINE PARTS CO US GPC 35.03 $5,217.65
GETTY REALTY CORP US GTY 747.29 $25,609.49
GILEAD SCIENCES INC US GILD 182.91 $14,072.90
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 27,487.93 $25,187.61
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 30,226.1 $28,265.51
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 103,746.68 $87,379.38
GREENIDGE GEN HLD INC US 1,127.32 $5,354.76
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 121,761.86 $104,826.15
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 78,785.67 $67,942.38
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 99,008.02 $85,340.88
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 124,028.74 $106,649.33
HALLIBURTON CO US HAL 137.28 $3,933.18
HARTFORD FINL SVCS US HIG 50.95 $3,491.26
HAWAII ST 2.68200 10/01/2038 US 123,589.32 $93,824.21
HDFC BANK LTD-ADR IN HDB 563.13 $36,265.80
HEALTHCARE REALTY TRUST INC US HR 1,701.45 $31,664.05
HEINEKEN NV NL HEIA NA 424.87 $42,987.84
HEINEKEN NV-SPN ADR NL HEINY 5,905.78 $298,477.97
HELIOS TOWERS PLC GB HTWS LN 9,565.45 $10,774.46
HOME DEPOT INC US HD 99.77 $28,280.95
HONEYWELL INTERNATIONAL INC US HON 89.46 $17,140.46
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 287,423.21 $285,842.85
HUNTINGTON BANCSHARES US HBAN 257.38 $2,653.55
HWIRE 2021-1 A2 2.31100 11/20/2051 US 37,664.71 $33,443.95
IDEXX LABORATORIES INC US IDXX 635.66 $295,437.42
IMCD NV NL IMCD NA 96.37 $14,526.71
IMPRL 2021-NQM3 1.59500 11/25/2056 US 113,606.9 $95,335.86
INTERCONTINENTALEXCHANGE INC US ICE 1,907.24 $202,072.48
INTERMEDIATE CAPITAL GROUP GB ICP LN 984.16 $17,081.99
INTERNATIONAL BUSINESS MACH CORP US IBM 85.75 $11,026.13
INTERNATIONAL FLVRS & FRAGRANCES US IFF 49.06 $3,791.99
INTUIT INC US INTU 474.41 $198,835.39
INTUITIVE SURGICAL INC US ISRG 712.92 $219,466.17
INVITATION HOMES INC US INVH 976.43 $33,081.44
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 33,006.21 $31,568.40
JM SMUCKER CO/THE-NEW COM WI US SJM 28.71 $4,208.31
JOHNSON & JOHNSON US JNJ 4,105.49 $636,596.53
JP MORGAN CHASE & CO US JPM 232.62 $31,569.14
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 23,812.1 $22,506.82
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 343,610.99 $331,686.61
KELLOGG CO US K 54.84 $3,661.53
KEYENCE CORP JP 6861 JP 55.01 $26,667.80
KEYWORDS STUDIOS PLC IE KWS LN 417.86 $10,109.99
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 21,392.71 $43,719.06
KRAFT HEINZ CO/THE US KHC 153.75 $5,876.40
L'OREAL FR OR FP 19.95 $8,539.46
L3HARRIS TECHNOLOGIES INC US LHX 1,475.69 $259,603.76
LEXINGTON REALTY TRUST US LXP 2,219.99 $22,954.70
LIFE STORAGE INC US LSI 225.68 $28,748.87
LINDE PLC IE LIN 67.08 $23,722.72
LOCKHEED MARTIN CORP US LMT 34.62 $15,372.36
LULULEMON - ADR CA LULU 87.64 $29,089.97
MARATHON OIL CORP US MRO 116.24 $2,575.93
MARATHON PETROLEUM CORP US MPC 71.75 $7,527.67
MASCO CORP US MAS 8,403.07 $406,036.27
MASTERCARD INC-CLASS A US MA 1,989.71 $726,285.04
MEDTRONIC INC IE MDT 5,685.85 $470,561.29
MEITUAN DIANPING - CLASS B CN 3690 HK 1.74 $24.48
MERCADOLIBRE INC BR MELI 22.14 $27,433.52
MERCK & CO INC US MRK 260.26 $28,735.83
META PLATFORMS INC US META 2,783.68 $736,894.55
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 154,963.24 $8,231.61
MICROCHIP TECHNOLOGY INC US MCHP 88.22 $6,639.58
MICRON TECHNOLOGY INC US MU 10,026.63 $683,815.85
MICROSOFT CORP US MSFT 1,386.48 $455,304.65
MID-AMERICA APARTMENT COMM US MAA 189.61 $27,884.24
MONARCH CASINO & RESORT INC US MCRI 171.22 $11,110.45
MONDELEZ INTERNATIONAL INC US MDLZ 5,724.97 $420,270.39
MOODY'S CORPORATION US MCO 1,170.89 $371,033.04
NAVIENT CORP 6.75000 06/25/2025 US 52,927.73 $51,500.82
NESTLE S.A. - ADR CH NSRGY 2,524.39 $299,720.95
NESTLE SA-REGISTERED CH NESN SW 414.16 $49,092.55
NETAPP INC US NTAP 57.83 $3,836.93
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 153,443.47 $138,041.22
NEWMONT GOLDCORP CORP US NEM 1,918.59 $77,798.77
NIKE INC CLASS B US NKE 1,659.52 $174,680.76
NORFOLK SOUTHN CORP US NSC 34.21 $7,121.64
NORTHROP GRUMMAN CORP US NOC 668.84 $291,273.56
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 51,911.09 $5.19
NOVARTIS AG- REG CH NVS 2,546.63 $245,113.44
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 30,473.69 $27,867.44
NRZT 2015-2A A1 3.75000 08/25/2055 US 39,339 $36,740.59
NRZT 2016-4A A1 3.75000 11/25/2056 US 77,607.72 $71,397.22
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 104,674.65 $94,399.01
OASIS 2023-1A 7.00000 02/15/2035 US 128,191.19 $127,188.53
OBX 2022-INV1 A1 3.00000 12/25/2051 US 128,075.78 $107,620.74
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 51,522.88 $51,780.49
OMNICOM GROUP US OMC 52.78 $4,654.23
OXFIN 2020-1A A2 3.10100 02/15/2028 US 90,085.04 $89,231.03
OXFIN 2022-1A 3.60200 02/15/2030 US 203,377.26 $186,835.65
OXFIN 2023-1A A2 6.71600 02/15/2031 US 258,812.08 $256,794.61
PACKAGING CORP OF AMERICA US PKG 24.62 $3,053.26
PARAMOUNT GLOBAL CLASS B US PARA 144.71 $2,201.04
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 173,881 $164,157.30
PEAR 2022-1 A1 6.50000 10/15/2034 US 39,556.09 $39,493.22
PELORUS FUND REIT 7.00000 09/30/2026 US 17,328.85 $16,234.49
PEPSICO INC 3.90000 07/18/2032 US 262,260.09 $253,290.51
PFIZER INC US PFE 490 $18,629.75
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 190,450.31 $153,666.97
PFMT 2021-2 A2A 2.00000 04/25/2051 US 115,649.62 $98,349.67
PHILLIPS 66 US PSX 56.87 $5,209.49
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 28,020.66 $25,346.58
POPULAR INC 6.12500 09/14/2023 PR 51,358.37 $51,101.58
PPG INDUSTRIES INC US PPG 39.85 $5,231.60
PROLOGIS US PLD 1,189.22 $148,117.00
PUBLIC STORAGE INC US PSA 178.89 $50,678.49
QUALCOMM INC US QCOM 145.36 $16,485.60
QUALCOMM INC 4.25000 05/20/2032 US 225,832.53 $219,681.76
QUEST DIAGNOSTICS INC US DGX 30.81 $4,086.39
RAYTHEON TECHNOLOGIES CORP US RTX 131.1 $12,079.10
RCKT 2021-6 A1 2.50000 12/25/2051 US 241,034.84 $194,491.61
REALTY INCOME CORP US O 478.74 $28,456.47
REGIONS FINANCIAL CORP. US RF 230.73 $3,984.73
RENAISSANCERE HOLDINGS LTD BM RNR 146.29 $27,556.78
RENTOKIL INITIAL PLC GB RTO LN 4,428.31 $35,225.36
RENTOKIL INITIAL PLC-SP ADR GB RTO 5,235.67 $208,013.07
RESTAURANT BRANDS INTERN CA QSR 339.21 $24,731.70
REXFORD INDUSTRIAL REALITY IN US REXR 605.42 $32,959.06
S&P GLOBAL INC US SPGI 385.6 $141,679.87
SALESFORCE INC US CRM 1,172.34 $261,877.44
SBA COMMUNICATIONS CORP US SBAC 187.75 $41,639.15
SBA TOWER TRUST 1.88400 01/15/2026 US 177,586.49 $160,383.20
SBA TOWER TRUST 6.59900 01/15/2028 US 223,338.24 $231,116.48
SCHLUMBERGER LTD NL SLB 162.28 $6,950.39
SCML 2019-SBC8 2.86000 04/25/2041 US 105,810.37 $97,540.82
SEMT 2013-2 1.87400 02/25/2043 US 15,235.23 $13,272.49
SEMT 2013-6 A2 3.00000 05/25/2043 US 40,821.83 $35,154.95
SEMT 2013-7 A2 3.00000 06/25/2043 US 16,563.8 $14,644.21
SEMT 2013-8 A1 3.00000 06/25/2043 US 19,757.66 $17,545.36
SERVICENOW INC US NOW 831.43 $452,944.87
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 459,981.67 $373,751.40
SKYWORKS SOLUTIONS INC US SWKS 34.21 $3,540.98
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 27,627.06 $24,311.82
SMB 2020-BA A1A 1.29000 07/15/2053 US 115,046.17 $100,523.38
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 25,187.75 $24,355.66
SONY CORP FIRST SECTION JP 6758 JP 464.1 $43,523.53
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 118,164.13 $106,718.11
SORT 2020-1 A2 1.99000 07/15/2060 US 98,438.47 $82,753.09
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 146,523.99 $127,013.54
SRPT 2014-STAR A FLTG RATE 6.57800 11/15/2027 US 201,039.16 $146,755.78
STAG INDUSTRIAL INC US STAG 440.1 $15,315.48
SUN COMMUNITIES US SUI 361.65 $45,796.28
SYNCHRONOSS TECH US 1,370.59 $25,355.89
SYSCO CORP US SYY 69.11 $4,833.95
TAH 2017-SFR2 A 2.92800 01/17/2036 US 21,661.95 $21,196.14
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,125.27 $406,710.42
TE CONNECTIVITY LIMITED CH TEL 51.95 $6,362.82
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,337.94 $21,651.25
TENCENT HOLDINGS 3.97500 04/11/2029 KY 565,777.94 $533,152.40
TENCENT HOLDINGS LTD CN 700 HK 945.44 $37,415.21
TERRENO REALTY CORP US TRNO 505.03 $30,973.60
TEXAS INSTRUMENTS INC US TXN 92.31 $16,051.34
THERMO FISHER SCIENTIFIC INC US TMO 365.93 $186,062.49
TOKYO ELECTRON LTD JP 8035 JP 165.03 $22,445.14
TPMT 2016-5 A1 2.50000 10/25/2056 US 20,913.39 $20,543.47
TPMT 2017-1 A1 2.75000 10/25/2056 US 10,469.1 $10,294.33
TPMT 2019-HY1 A1 6.13800 10/25/2048 US 34,327.39 $34,021.65
TRAVELLERS COS INC US TRV 44.52 $7,535.16
TREASURY BILL 0.00000 05/16/2024 US 2,406,604.19 $2,291,319.93
TREASURY BOND 2.37500 02/15/2042 US 2,057,535.12 $1,607,127.83
TREASURY NOTE 2.25000 11/15/2027 US 2,002,990.55 $1,873,578.59
TRUIST FINANCIAL CORP US TFC 170.81 $5,204.43
TYSON FOODS INC -CL A US TSN 71.03 $3,597.02
U.S. BANCORP US USB 229.91 $6,874.20
UDR INC US UDR 839.99 $33,322.49
UNILEVER PLC - ADR GB UL 10,302.96 $514,529.75
UNION PAC CORP US UNP 1,122.36 $216,077.23
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 7,440.08 $7,002.59
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 43,985.03 $39,672.44
UNITED PARCEL SERVICE US UPS 86.71 $14,480.42
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 34,381.47 $32,909.02
US TEASURY NOTE 1.75000 11/15/2029 US 2,446,558.46 $2,180,686.37
US TREASURY N/B 0.87500 11/15/2030 US 2,341,133.57 $1,925,582.36
US TREASURY N/B 1.37500 11/15/2031 US 354,501.64 $296,341.21
US TREASURY N/B 2.00000 11/15/2026 US 1,687,071.61 $1,580,443.42
US TREASURY N/B 3.00000 05/15/2047 US 124,607.41 $105,118.04
US TREASURY N/B 3.12500 11/15/2028 US 3,542,277.57 $3,427,430.31
US TREASURY N/B 3.62500 02/15/2053 US 511,616.26 $489,952.51
USRE 2021-1 A1 1.91000 10/20/2061 US 42,721.55 $36,869.12
VALERO ENERGY US VLO 45.35 $4,854.12
VENTAS INC US VTR 373.47 $16,111.48
VERTEX PHARMACEUTICALS INC US VRTX 847.43 $274,202.28
VISA INC - CLASS A SHARES US V 2,304.11 $509,276.88
VISTRA OPERATIONS 4.87500 05/13/2024 US 225,874.92 $222,639.27
VISTRA OPERATIONS CO LLC 3.55000 07/15/2024 US 64,364.14 $62,258.60
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 354,593.33 $324,004.34
WELLS FARGO COMPANY US WFC 326.38 $12,993.18
WELLTOWER INC. US WELL 367.4 $27,411.67
WIN 2015-1 A1 3.50000 01/20/2045 US 10,350.97 $9,438.16

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

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